in this case husband & wife owns two self occupied house property jointly. first property was purchased in 2005 for 350000 and now they want to sell this property which will will give them 1000000. for second property which cost 18 lacs they have taken loan of 14 lacs. so they want to clear loan of 2nd house property by utilising funds from selling of 1st property i.e.10 lacs. so my question is what will be tax treatment on 10 lacs which they will recived by selling 1st property? is this case of clubbing of income? in whom return 10 lacs should be shown? can all these shown in husbands return only? how tax will be computed on 10 lacs? should i use indexing in this case? if there is any tax how can i save this?
CAclubindia
